FCCPC Rejects Airtime Credit Expansion, Says Lending Rules Remain Suspended

The Federal Competition and Consumer Protection Commission has denied reports suggesting it played a role in securing presidential approval for the entry of nine new operators into Nigeria’s airtime credit market.

The clarification follows media reports claiming that President Bola Tinubu had approved a restructuring of the airtime credit sector under the administration’s “Nigeria First” policy.

According to the reports, the initiative was designed to open the market to additional local fintech companies, reducing foreign capital outflows and increasing indigenous participation in the digital lending and airtime credit space.

The reports identified the companies expected to benefit from the proposed expansion as Technotrends Platforms Nigeria Limited, Total Tim Nigeria Limited, Fonyou Technologies Nigeria Limited, Rane Interactive Medien CLS Limited, MRS Innovation Nigeria Limited, Mode NG Applications Nigeria Limited, ERL Telecoms Service Limited, Cloud Interactive Associate Limited, and Coverage Broadband Limited.

Some publications further estimated the value of the airtime credit market at approximately N3tn annually. However, industry assessments have generally placed the sector’s value between N300bn and N400bn.

In a statement issued on Sunday FCCPC Director of Corporate Affairs, Ondaje Ijagwu, dismissed suggestions that the commission was connected to the reported development.

“The Commission wishes to state clearly that it is not aware of, and was not involved in, the claims attributed to it in the report absolutely,” the statement reads.

The commission also emphasized that the implementation of the DEON Consumer Lending Regulations 2025 remains on hold.

According to Ijagwu, enforcement of the regulations was suspended following an interim injunction granted by the Federal High Court in Lagos on April 15. The order was issued in response to a suit filed by the Wireless Application Service Providers Association of Nigeria.

“As a law-abiding public institution, FCCPC remains bound by the court order to suspend enforcement of the regulation pending the determination of the substantive case by the court which has been fixed for July 20, 2026 for further hearing,” he said.

Ijagwu added that the commission would continue to pursue all lawful procedures relating to the matter while fully complying with the court’s directives.

The FCCPC reiterated its commitment to operating within the framework of the law and respecting judicial processes as the case progresses.